Neil Venables’ Post

What's the future of retail in an increasingly digital age? Omni Talk Retail's Chris Walton shares an insightful analysis of "the digital throughline", and gives real-world examples of retailers turning digital innovation into unbeatable experiences. A worthwhile read to end your week with:

Despite our digital world, brick-and-mortar stores aren’t going anywhere. In fact, according to recent data, 72% of all retail sales in the U.S. will be in physical stores by 2028. Retail stores themselves are becoming significant marketing tools, providing unique, personalised shopping experiences and a more inviting atmosphere. For brands — this is a great reminder to not ditch the “old school” ways. There’s still a lot of value in traditional concepts! #branding #marketing #brickandmortar

And here it is, another post from my series "Here we go, another marketplace." 🤦♂️ https://lnkd.in/gRs9T7_X #shein #ecommerce #marketplace #retails

Comeback kid: brick-and-mortar retail is coming back and brands are rethinking the store experience. With online customer acquisition costs up by 60% in the last five years, and a shift in investor priorities from achieving growth at all costs to establishing a sustainable path toward near-term profitability, brands are again embracing physical retail. According to a recent Fast Company article by Elizabeth Segran, Ph.D., while some brands are choosing “retailtainment” (immersive experiences) others are focused on offering highly personal customer service designed to make an impression. The conversation and action have shifted to what brick-and-mortar needs to do to keep up with the growth that e-commerce saw in the last few years. What do you think physical stores will need to do to evolve over time? Join the conversation in the comments below. #retail #omnichannel #ecommerce #brickandmortar #fashion #linkedinpostsbymariopace Read more: https://lnkd.in/g5SBas6x

Online, offline or omnichannel?  Interesting case of HomeGoods (TJX) shows that it depends upon business model. In case of treasury-hunt, e-commerce just brings additional expences for logistics, orders fulfilment, etc. what do you think? . https://lnkd.in/e5GW5jRX

Do you want to attract more customers to your retail store and boost your sales? If so, you need to implement some effective strategies to increase foot traffic and stand out from the competition. In this blog post, we share 11 proven tips to help you increase foot traffic in your retail store, such as organizing in-store events, using omnichannel marketing, and leveraging retail analytics. Whether you have a physical store, an online store, or both, these tips will help you grow your business and reach more potential customers. Click the link below to read the full article and discover how to increase foot traffic in your retail store.

Omnichannel just makes good business sense. More and more retailers are recognising the contribution - and growth opportunity - that ecommerce brings, gaining customers who might be prioritising cost, time or convenience of an online purchase over a trip to a physical location. In 2023, every business needs to meet the customer where they are, not where you are, wherever and whenever they want to purchase. This makes physical retail a good part of the equation for customers who want to travel to enjoy the experience, but only online can deliver a 24/7 browsing and shopping experience, driving trackable incremental growth at scale.

According to a recent report from analytics firm Coresight Research, malls are back; From 2021 to 2022, retail sales at malls increased 11% to over $800 billion. Foot traffic at top-tier malls, where the average shopper makes $200,000+ per year, increased 12% in 2022 compared to 2019. What’s fueling the malls’ post-pandemic resurgence? While it once looked like the rise of e-commerce would kill the mall, brands have figured out that customers want both. They have invested in “omnichannel” marketing, which promotes both online shopping and physical stores, to drive growth, per Coresight. Plus, Gen Zers might have missed the halcyon mall days of Aéropostale and Hollister, but they are mall-loyal—a survey conducted by the International Council of Shopping Centers found that roughly the same share of Gen Z respondents shopped at brick-and-mortar stores (97%) as online (95%). Retail is a bright spot in the otherwise dim outlook for commercial real estate. In Q2, office vacancy rates soared to a 30-year high of 18.2%, while the vacancy rate for retail space fell to 4.8%—the lowest level since real estate firm CBRE started tracking it 18 years ago. And 1,000 more stores are expected to open than to close this year.

A seismic shift is currently underway in retail, driven by the growth of e-commerce which is compelling retailers to enhance their omnichannel services. Retailers likely to benefit the most are those who are embracing and investing in omnichannel experiences. #retail #omnichannel #ecommerce #warehousing #transportation